Vanguard is lobbying with Wall St against the Volcker rule

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Murray Boyd
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Vanguard is lobbying with Wall St against the Volcker rule

Post by Murray Boyd » Mon Mar 26, 2012 10:21 pm

Bank Lobby’s Onslaught Shifts Debate on Volcker Rule
Knowing that they were tainted by bailouts and vulnerable to charges they were trying to preserve excessive profits, the banks looked for other firms to help press the argument.

That’s what made Robert Auwaerter such a valuable ally.

Auwaerter, who manages $650 billion as head of the fixed income group at mutual fund company Vanguard Group Inc., was in attendance on a day in early February, shortly after the Super Bowl, when Credit Suisse invited Democratic congressmen to its New York office for a presentation on the Volcker rule.

...

“I am advocating positions that make sense for my investors,” Auwaerter said. “Certainly not shilling for the banks.”
http://www.bloomberg.com/news/print/201 ... -rule.html

swaption
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Re: Vanguard is lobbying with Wall St against the Volcker ru

Post by swaption » Tue Mar 27, 2012 8:25 am

Unfortunately, the term "lobbying" has come to represent such an evil undertaking. The problem is, that when viewed from the other side, the government can really screw things up. I have seem this many times over the last couple of years when small technical issues or unintended consequences can completely shut down markets. Absent lobbying, the government is left to operate in a complete vacuum. I can tell you that in the case fo the Volcker rule there are many such issues that need to be resolved. I would imagine that someone like Auwaerter lends credibility to the arguements.

Grt2bOutdoors
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Re: Vanguard is lobbying with Wall St against the Volcker ru

Post by Grt2bOutdoors » Tue Mar 27, 2012 8:31 am

This thread will be locked in 3...2...1....
Talking about proposed legislation is a no-no. The item in question has not been put into effect yet, therefore one would think that it is proposed rather than actual law.
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Alex Frakt
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Re: Vanguard is lobbying with Wall St against the Volcker ru

Post by Alex Frakt » Tue Mar 27, 2012 11:10 am

As the public comment period for this rule has closed, it no longer falls under the exception to our policy that proposed legislation is off topic.

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